One of the most powerful ways for you to learn about anything is to have the opportunity to ask a “nothing off limits” question from somebody who’s already doing what you are trying to do for the first time. That’s what this episode of The Amazing Seller is for – it’s an “Ask Scott” episode where you get to Ask Scott Voelker your own question about selling on Amazon, either through Retail Arbitrage, Wholesaling, or Private Label sales. In this episode you’ll hear questions about tax issues, private websites, and sending email to customers. Pull up a chair and get ready to learn as you hear from an experienced Amazon seller about the practical parts of building and running a successful FBA business.
What percentage of sales profits should an Amazon seller set aside each month?
That’s a very important question, and it’s one asked by a listener on today’s episode of “Ask Scott.” Naturally, there are variables to consider for each situation including your state of residence and personal tax bracket. But most importantly, you want to base your decision off professional advice from a qualified accountant or tax attorney. Having said that, Scott tells what he does, including how he reinvests profits into his Amazon business so he can get additional tax write offs. It’s practical stuff you won’t want to miss… and you’ll only hear it on this episode of The Amazing Seller.
Should you set up a website for your Amazon products?
Many Amazon sellers do set up a website for the products they sell on Amazon to give a greater sense of legitimacy to their business. But Scott’s not sure that the investment in a website is really all that important, especially as you first get your business rolling. He’d rather invest that time and money in things that will get his product more reviews and greater exposure in the Amazon system. Find out why he recommends that and how he goes about doing it on this episode of The Amazing Seller.
Getting reviews on your products is vital. How can you do it most effectively?
There are many 3rd party software programs that enable you to track your Amazon sales and solicit feedback from your customers. But is there a way to use those programs to solicit feedback on particular products rather than on your seller account in general? Yes, there is, and in this episode of “Ask Scott,” Scott Voelker walks you through how to do so in a couple of different software programs so that you can make the most out of those Amazon sales reviews and get your product ranking higher in the Amazon search algorithm.
Every State in the U.S. has its own sales tax rate? How can Amazon sellers make sure they’re paying the tax that is due?
Even experienced Amazon sellers will tell you that sales tax is one of the most confusing, frustrating parts of running a successful Amazon Business. A listener asks Scott a question about collecting and paying State sales tax in this episode, and as always, Scott gives practical, common sense advice about how to play by the rules when it comes to sales tax, and how to make sure you’re not taking those payments from your profits. Listen in to find out how you can ensure that your business is dealing with this important issue wisely.
OUTLINE OF THIS EPISODE OF THE AMAZING SELLER
- [0:05] Welcome to this “Ask Scott” episode!
- [0:47] Scott’s having fun on www.Persicope.tv – join him – @ScottVoelker – or recorded at www.TheAmazingSeller.com/scope
- [3:07] How you can ask Scott a question – www.TheAmazingSeller.com/ask
- [3:50] QUESTION #1: A tax question – what is the percentage you set aside for income tax each month?
- [11:12] QUESTION #2: What is the value of having a private website for my products? Do you have one? If so, when did you decide to make that part of your business?
- [16:30] QUESTION #3: Is there any way to filter out who gets emails through Feedback Genius so I can focus on particular products within my brand?
- [23:06] QUESTION #4: How do you go about collecting sales tax for the various states?
- [28:35] Figure out your inventory for the upcoming holiday rush!
- [30:35] Your invite to one of Scott’s live workshops.
LINKS MENTIONED IN THIS EPISODE
Scott’s recorded Periscopes – www.TheAmazingSeller.com/scope
www.TaxJar.com – One of Scott’s recommended resources for dealing with sales tax.
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